The Weekly Selection: 12/03/2023
Volume 066
Introduction
Welcome back investors,
What a superb week were coming off of. Later on in this article I will delve more closely into it, but last weeks selection performance was the best we’ve had since 2020.
Getting into the week ahead, I think the bull thesis remains, as we have now cleared $456, which was a previous point of contention. Below are the charts to go along, with annotations.
SPY 0.00%↑ up first. Now breaking its upper resistance band, a push to ATH seems inevitable, with a counter thesis being a consolidation just below before making the push.
IWM 0.00%↑ small/midcap index trading within its range, but making a considerable stride in recent weeks. continued participation here coupled with stagant/bullish activity in broad markets and magnificent 7 stocks could spell a nice close into the year.
QQQ 0.00%↑ and big tech tacking into some headwinds here around $393, whether or not progress will be made is unclear at this time, but its apparent a small change has occurred in the bigger players.
Tip of the week
“its not supposed to be easy, anyone who finds it easy is stupid”
- Charlie Munger (Jan 1, 1924- Nov 28, 2023)
This week, we say goodbye to Charlie Munger, Arguably one of the greatest investors of all time. This quote embodies what he was all about, giving great advice to a younger generation of investors and having a laugh while doing it.
Charlie Munger has taught me so much in my investing journey, and he will be truly missed.
Rest in Peace.
Past Performance
As promised, last weeks selection performance:
IOT 0.00%↑ earnings pick played well, As well as AFRM 0.00%↑ and LMND 0.00%↑ breakout plays. $ETH breakout is working well also.
Charts
SYM 0.00%↑ up first this week. Strong action above the pivot, looking to find an entry, but need to be patient as the swings here can be dangerous.
ONON 0.00%↑ has potential at this gap. Will be monitoring closely.
GLD 0.00%↑ looking strong on the weekly. Approaching a long term resistance, Is this the time it goes for it?
TSLA 0.00%↑ with a textbook long term flag setup. Breakout here would be electric.
That’s all for this week!
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Good luck!